When it comes to the Aegis MGA, providing quotes to brokers whose clients have specialty needs when it comes to insurance products is something the company prides itself in. Motorcycles are a different breed when it comes to insuring these high-powered beasts, as opposed to the needs of most regular vehicles.
Most policies can and will include bodily injury liability, property damage liability, protection against uninsured or underinsured motorists, and personal injury protection (PIP), depending on the state where a policy is purchased.
One of the reasons that motorbikes and hogs are difficult to insure is because they often have extremely high replacement costs for parts, due in part to the fact that they have a lot of added custom features, high quality materials are used that require added labor costs.
Custom bikes can be extremely costly to build
For example, a customized bike will often be twice as expensive as a top-of-the-line Harley-Davidson in mint condition. In some cases, depending on the level of customization, the price could be astronomical. For many insurance companies, this is seen as a high-risk policy, and some may not be willing to cover such a vehicle.
Motorcycle insurance for custom bikes can be more difficult to obtain because owners have different needs due to their bikes having been modified considerably from the factory standard. In fact, in some instances it is difficult to place a precise value on a chopper, which may even be considered a one-of-a-kind vehicle.
Owners and insurance companies can be at odds on the value of a bike and can’t simply consult a blue book to determine how much it is actually worth. Such inconsistencies make it difficult for some owners to register their bikes with the state; therefore, it might be a good idea to have your client get their bike independently appraised in order to determine its real value.
Purchasing a comprehensive policy that will reap benefits
The Aegis MGA wants to help you satisfy the needs of your client so that, if an unfortunate accident does occur, the policy will include protection for medical payments as well as comprehensive and collision coverage that’s available with our Motorcycle program. Coverage is also available for motorcycle accessories, including helmets, safety apparel, attached accessories (that are not part of the original equipment), trailer and other items.